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Note 16 - Restructuring and Asset Impairment Charges

3 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

NOTE

16

– RESTRUCTURING AND ASSET IMPAIRMENT CHARGES

On

December 29, 2018,

the Company committed to a new restructuring plan in its continuing efforts to improve efficiencies and decrease costs across its worldwide operations, and more closely align its operating structure with its business strategy. The plan involves (i) a restructuring of its sales and administrative operations in the United Kingdom, (ii) a reduction of approximately

200

employees, primarily in the Europe and Asia-Pacific geographic regions, and (iii) the write-down of certain underutilized and impaired assets that include information technology assets and obsolete manufacturing equipment.

As a result of this plan, the Company recorded a pre-tax restructuring and asset impairment charge in the

fourth

quarter of

2018

of approximately

$20.5

million.  The charge was comprised of severance expenses (approximately

$10.8

million), impairment of assets (approximately

$8.6

million) and other items (approximately

$1.1

million).  The charge was expected to result in future cash expenditures of

$12.0

million, primarily for severance payments (approximately

$10.8

million).  The restructuring plan is expected to be substantially completed in the

first

half of

2019,

and is expected to yield gross annual savings of approximately

$12

million beginning in fiscal

2019.

  The Company expects to redeploy in

2019

essentially all of the anticipated savings toward the funding of sales and strategic growth initiatives, yielding negligible net savings on the Company’s income statement.

A summary of these

2018

restructuring activities is presented below:

		Total Restructuring Charge				Costs Incurred in 2018				Costs Incurred in 2019				Balance at March 31, 2019
		(in thousands)
Workforce Reduction		$	10,816			$	53			$	1,813			$	8,950
Asset Impairment			8,569				8,569				0				0
Other Exit Costs			1,144				0				18				1,126

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- References

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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